Wednesday, October 10, 2012

USD/JPY 1H Chart Triangle - October 10, 2012

USD/JPY 1H Chart Triangle - October 10, 2012


USD/JPY has formed a Triangle on 1H chart. The pattern has 64% quality and 100% magnitude in the 409-bar period.
The pattern started when the pair peaked to 79.223; currently it is trading at Fibonacci retracement (50% of move from 19th to 28th of September)/Bollinger band at 78.300. Technical indicators on aggregate point at appreciation of the pair on 1H horizon.
Current market sentiment is bullish as 70% of traders hold long positions on the pair. Read more